11/22/2010

The First Step Before You Can Begin Investing

10 Steps to Paying Off Credit Card Debt: "One of the biggest challenges for new investors to overcome when they first decide to start building wealth and putting money away for their future is a looming mountain of credit card debt built up over several years. With balances of $10,000 or $20,000 or more, at 20% and 30% interest, they find themselves paying upwards of $500 per month in interest expense alone, never making the balance of the credit card debt decrease, adding even more frustration and pain to the cycle.
This “negative amortization” as it is called – that’s when you begin paying interest on the interest you already owed because you didn’t make a high enough payment to reduce the balance – will largely be against the law due to new regulations put in place over the last few years (regulations that the credit card companies fought against, it should be noted). This is exactly why we argued that the goal for new investors should be to pay off high interest credit card debt. These ten steps are designed to show you how to do just that.

Before you begin reading this special, it’s important to realize one key truth: Your life doesn’t have to be this way. There are tens of millions of Americans who live free from the burden of credit card debt and there is absolutely no reason you can’t be one of them. If you still feel like you need, or want, more information after finishing each step, we recommend that you check out our credit card debt family of articles and resources for even more great content that can help set you free from the burden of financial stress. "